Businesses operating across a variety of industries in the UK are increasingly realising the benefits of finding out more about the spending behaviour of their target market.
Not only does market research allow them to get to know their customers on a personal level, it could also lead to greater savings and higher profits – as it means your company is making that little bit of extra effort to reach its ideal audience.
Small and medium-sized enterprises (SMEs) could particularly benefit from conducting research into their customers’ behaviour, as doing so will give them a better picture of what kinds of new products are likely to bring in the most money.
William Bill from Wealth Design Group LLC told Entrepreneur that failure to do market research before starting a new venture is “like driving a car from Texas to New York without a map or street signs”.
He added: “You have know which direction to travel and how fast to go. A good market research plan indicates where and who your customers are. It will also tell you when they are most likely and willing to purchase your goods or use your services.”
Read on for ways in which your business could benefit from market research, as well as how technology has helped make performing surveys and other studies much easier.
Know your audience
Before launching any market research programme, SMEs must first identify their target market – which is the group of people you will be promoting, advertising and selling your services to. In order to determine this, you could ask yourself the following questions:
- What age range are you targeting?
- Are they male or female?
- What is their marital status?
- What kind of lifestyle does your produce relate to? Is it for everyday use?
Types of market research
Market research is categorised in two parts: primary and secondary. The goal of the former is to gather information from analysing current sales, while also taking the intentions of competitors into consideration.
This type of data collection can include interviews, surveys, questionnaires and focus groups.
Technological developments have helped make primary research methods much simpler for SMEs, as conference call technology andteleconferencing services mean companies can communicate with their customers from any location.
Buzz Conferencing is on hand to help your business reach your target audience through high quality conference call technology, providing a quick and easy way for you to reach out and potentially improve your services.
Secondary research involves the analysis of data that has already been published, meaning you can identify rivals and address market segments with little effort.
Collecting your data
SMEs across the UK put their future at risk by failing to carry out research that will help them to learn more about their target audience – and collating your findings from online studies is just as important as the questions themselves.
In order to avoid complicated numerical answers, businesses can use analytics to help them determine several pieces of information about their customers – including how long visitors are staying on your websites and which pages are the most popular.
Due to the long-winded nature of carrying out research, many companies may be tempted to cut corners. However, doing this is likely to render the whole process pointless.
It may take some time to achieve the best results, but conducting thorough market research that has accurate and clear findings could be beneficial for your business operations well into the future.